As if tax time isn’t bad enough for Americans Obamacare is going to make it even more unpleasant. The IRS is warning taxpayers that when they file their tax returns if they haven’t had health insurance they will have to pony up a “shared responsibility payment.” Currently it’s 1% of household income, or $95.00 per adult, and will be going up to 2.5% of income or $2085.00, whichever is higher. American’s for Tax Reform picked up on the new language on the IRS website.
President Obama’s Internal Revenue Service today quietly released a series of Obamacare “Health Care Tax Tips” warning Americans that they must obtain “qualifying” health insurance – as defined by the federal government – or face a “shared responsibility payment” when filing their tax returns in 2015. The term “shared responsibility payment” refers to the Obamacare individual mandate tax, one of at least seven tax hikes in the healthcare law that directly hit families making less than $250,000 per year.
In “Four Tax Facts about the Health Care Law for Individuals” the agency writes:
Your 2014 tax return will ask if you had insurance coverage or qualified for an exemption. If not, you may owe a shared responsibility payment when you file in 2015.